Victoria Leads Housing Market Recovery in Australia

  • 15 years ago
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21/12/09 The Australian state of Victoria is leading the national housing market recovery in Australia according to latest housing starts statistics.
Victoria is the second most populates state in Australia.  Bordered by New South Wales to the north, South Australia to the west, and Tasmania to the south, across the Bass Strait. Over 70% of Victorians living in Melbourne the state capital and largest city.
Australia which has come out of the recession relatively undamaged saw housing start soared almost 10 per cent in the September quarter. One in every three houses and units started this year came in Victoria. Activity in the states is at a five-year high with 11,263 home starts in the September quarter.
The Victorian Government’s first home buyers’ scheme has strongly favoured construction. Until October, federal and state grants ran to $36,000 for a new house in regional areas.
David Sinn, property partner at Freehills, ”There is such high demand for residential stock, and that includes apartments,” he said. ”Even if you take first home buyers’ grants out of the equation, apartments are becoming the affordable entry point for people.”
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